March canola is up $5.00 per metric ton (mt), March soybean oil is down .35 cents/pound, May European rapeseed is up 2.25 euros per mt and February Malaysian palm oil is up 1.64%. March oats are up 6 1/2 cents/bushel. February crude oil is up $.65 per barrel, February ULSD is up $.0407 per gallon, and the March Canadian dollar is down .00110 at .72055. The March U.S. Dollar Index is up .013 at 99.135 and the February Brazilian real is down .00040 at 0.18555.

Increased volatility ahead of the holiday-extended weekend appears to be at play with everything from strong gains in corn and wheat to reversals lower for cattle and precious metal markets, suggesting risk is being managed. It's not uncommon to have countertrend moves ahead of holiday breaks as profits are booked and risk is reduced, and today certainly appears to be following that pattern. Even canola, giving up the bulk of the initial gains on news of a tariff breakthrough between Canada and China, provides a perfect example. As a side note, it's worth mentioning that canola will trade Monday and the normal Plains, Prairies commentary will be available at its regular time.

Corn is likely being helped by another round of flash export sales announcements, with 298,000 mt corn sold to unknown and 120,000 mt sold to Japan. That comes on top of Thursday's flash sales announcements of 760,302 mt of corn sold to Japan and unknown.

In outside markets, treasuries are under pressure despite President Trump suggesting that Kevin Hassett will not be hired as the next Fed Chairman. He was considered to be the most loyal candidate to Trump's wishes, which would have added to inflation risk. Despite the news that he will be overlooked, interest rates are higher as midday approaches. Equities and currencies are mixed, while energy markets remain higher with turmoil and uncertainty remaining in Iran.

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